ACF Tax

Discussion in 'ACF' started by gypsyracingsnake, May 16, 2006.

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  1. Having just recieved my P60 I have noticed that I am on the basic rate (BR) tax code, is this correct? If not which rate should I be on only having one other full time job? I understand being on the BR means a hefty percentage of any monies earned will be sent to the tax man!

    Any help appreciated

    G-R-S
     
  2. The amount of tax you pay depends on how much you earn. The lower earnings limit (LEL), the amount of income you are allowed before being taxed, is £4895 for the financial year (FY) 2005/06 (£5035 for the current FY). If you earn over this amount cumulatively you pay the basic rate of 22%. If you earnt more than £32400 in the FY 2005/06 (£33300 for the current FY) you pay the upper rate of tax which is 40%.

    Note that some sources of income are non-taxable such as government loans, research grants and interest off ISAs.

    The Army automatically deduct the basic rate at source. If you earn below the LEL you can claim it back by submitting a form to APC via the chain of command (can't remember the name of the form). For the FY 2005/06 (which your P60 applies to) you must make a claim this FY, otherwise you'll lose it. I don't know anyone who bothers to claim back their tax.
     
  3. My tax rebate after leaving the Army was 600 quid. And I thought you had six years to claim back tax?
     
  4. Yeah thats what i thought was the case. I'm still waiting for the tax man to give me back about 2 grand!
     
  5. as far as i am aware i thought you only had three years to claim it back